Nolan Capital has acquired Ortega National Parks, a provider of retail and hospitality services in US-based national, state and county parks.
Ortega National Parks (ONP) operates retail stores, concessions, restaurants and lodging in numerous locations including Acadia National Park, Great Smoky Mountains National Park, Carlsbad Caverns National Park, White Sands National Monument, Death Valley National Park, Hawai’i Volcanoes National Park, Colossal Cave Mountain Park and Petrified Forest National Park, among many others.
ONP is a seventh-generation family business – most recently led by owners Armand Ortega, Shane Ortega, and Tom Williamson – and traces its roots to some of the earliest trading posts on the Navajo reservation. The three owners will remain active as minority owners and board members in partnership with Nolan Capital.
Nolan Capital is the family office of Peter Nolan, a former managing partner and current senior advisor to Leonard Green & Partners. The firm makes equity investments in US-based companies that have EBITDAs from $5 million to $30 million. Sectors of interest include consumer products and services, retail and restaurants, manufacturing, distribution, industrial products, business services, government services and healthcare. Nolan Capital is based south of Los Angeles in Hermosa Beach, CA.
With this transaction closed, Shane Ortega and Peter Nolan are now the co-chairman of the board of ONP. “We are extraordinarily proud to partner with the Ortega family in this investment,” said Mr. Nolan. “ONP has had a long history of service and it is our mission to continue as a responsible steward of our park partner’s assets and resources. We are committed to serving our guests and visitors while respecting the environment and furthering the mission of these great public assets.”
“Everything about Nolan Capital matches what ONP has stood for and built the business on,” said Frank Pikus, ONP’s chief executive officer. “We are excited about how the team at Nolan Capital can help us continue to grow and diversify our business while staying true to the Ortega family roots.”
MidCap Financial was the Sole Lead Arranger, Sole Bookrunner and Administrative Agent of a senior secured credit facility to back the acquisition of ONP by Nolan Capital. The MidCap transaction team was led by Managing Director David Crescenzi. MidCap Financial, in alliance with its investment manager Apollo Capital Management, is a middle market-focused, specialty finance firm that provides debt solutions of $10 million to $750 million to companies across all industries.
© 2019 Private Equity Professional | November 12, 2019